After the Cambridge Analytica/ Facebook scandal left customers more concerned than ever about the state of their data, businesses have been forced to rethink the way that they offer peace of mind. Modern consumers are more conscious of data privacy, and some are being increasingly more restrictive with their data, making it difficult for businesses to study information for the creation of new products and services.
However, this isn't a problem for all businesses. According to the latest Customer Service Index from Five9, some consumers are more than happy to provide access to their data. The survey revealed that consumers have become increasingly savvy about service and support, and their willingness to share information about themselves often depends on their understanding that doing so will lead to a better customer support experience.
Five9's research suggests that there's a significant correlation between positive customer experiences and customer satisfaction, leading in higher retention for brands. Here are just some of the most intriguing findings from Five9's research.
Customer Service Still Isn't Up to Scratch
Leading communication and collaboration brand, Five9 found that although customer service experiences have improved somewhat in the last year, we've haven't seen enough of a chance. Despite the full range of new tools that businesses have to deliver better experiences, including AI, chatbots, and omni-channel connectivity, only 14% of consumers said customer service experiences had greatly improved in the last year. Additionally, 42% of respondents said that there hadn't been any change at all. To make matters worse, 10% said that their experiences were slightly worse, and 6% said that they were much worse.
The customer service journey is more important than ever in today's competitive environment, with 87% of survey respondents saying that excellent service is crucial to deciding whether they should do business with a company. What's more, bad customer service can easily drive consumers away from your company, with only 28% of respondents saying that they were likely to do business with a company they'd had a bad experience in the past. The brands that invest more into customer service experiences are the ones that will achieve more loyalty and revenue as a result.
What Do Customers Want from Their Service?
Five9 found that customer service comes second only to price when customers are deciding which products and services to buy. The question is, how can today's brands make sure that they're standing out with meaningful experiences for their customers? According to Five9, one of the answers could be to give today's digital consumers more choices. After all, the average customer already has a host of options to choose from, including a range of channels through which they can connect with brands.